Andrew Racz
Director of Research
300 East 54 Street, Suite 26C
New York, NY 10022
Phone: (212) 319-6949
Fax: (212) 753-1944

Full Circle

November 19, 2010

 In 1945, I was afraid of Communism.

In 2010, my fear is of accumulating educational expenses.

If the truth be told, the Racz family had more hope in 1945 than in 2010.

In 1936, the German Foreign Minister told Winston Churchill --
"The final enemy is Communism!"

As I said on a few occasions, I still have my recollection of the day in 1945 after the so-called Russian liberation of Budapest. It took place on January 16, 1945. Exactly twenty-seven years later, January 16, 1962, I set foot in the United States for a six-week study course.

I received commendable attention at a Madison Avenue lunch given by my very respected friend Saul Steinberg, the financier, probably the best financial brain in America today. "There may not be another person in the world who dealt with gold at the age of seven." Actually, I remember anything particular except my family's black marketing in 1945. I met my lifelong friend Gabriel. I have a particular memory connected with my seventh year of life, how we dealt in gold.

My mother died October 4, 1943 of cancer. My father a year later died in Auschwitz. My younger brother, and he was only two when the war ended, and I were adopted by a friend of my father's who was an attorney by profession, but he was also a general in the First World War. Most friends of my family were Jewish and so was my stepfather, Dr. Arnold Laszlo. However, Uncle Arnold, because of his high rank in the First World War, was exempt from the Jewish laws and moved freely in the city during the terror of 1944. Since his friends were also Jewish, he had about two dozen personal friends for whom he was trying to get false papers, but he took care of all their physical assets and monetary assets. Later on I learned that Uncle Arnold, for reasons unknown to me even today, put all his money, my family's money, his friends' money into gold. He had a safe at home built into a complicated machinery and cover. His financial acumen placed into a million ounces of gold. The survival kit and secret saved the life of two dozen families.

I was amazed to see the rings and various jewelry which he occasionally took out for personal reasons, but I soon learned that he had everything in gold. After the war, many of his friends who survived came to see him, took some of their assets out, but it was frighteningly curious for me that not one of them discussed my Uncle Arnold's banking practices, and it seemed they were all happy that all their assets were invested in gold. Uncle Arnold had two cousins who survived the war. Their families of course were all killed. Very soon they came over to our house regularly in the evening to settle business. I learned very fast that the business of Uncle Arnold after the war, besides his legal practice and settling problems, as well as the two younger cousins, they were each about fifteen years older than me, all day black marketing and they were out hustling business all day long.

We had in a six-room apartment. One room only was heated and had windows, so we had dinner in the room where my younger brother John and I slept. After the meal was served, the three of them settled down to organize the following day's activities and rearrange the monetary picture which consisted of Swiss francs, British pounds, Napoleon gold and, with some disdain, dollars. I remember thirteen and fourteen dollars was equal to one Napoleon gold. Had I had a sense of humor and foresight, I would have learned in 1945 and 1946 that the least desirable currency to keep your money in was dollars and orient yourself to gold and the Swiss franc.

Life after the war was not particularly entertaining, and very soon I noticed that money was printed almost every week. There was the original currency, pengo, then pengo stamp, and then green pengo, then yellow, then red, and each was exchanged for another. For instance, let's say on April 22nd for ten yellows you could get one red. I noticed myself that the value of the money had gone down, and whenever people from the villages came out to see us with food, my stepfather always had to pay with gold.

The only positive thing about this monetary history as far as I was concerned is that we went to the theater often and my stepfather always said, "What's the difference to me whether I pay with two yellows, one red, two reds and one green? When we went to buy clothes, my younger brother and me, he had to pay in gold. In 1945, we were one of the few families who went to Lake Balaton for a month and Uncle Arnold paid in gold.

In the middle of 1946, the government was running out of colors and numbers and new printings of one thing or another, and they totally wiped out the currency and created a new currency that was called the forint. Surprisingly, the forint is still alive and today, in November 2010, we require 200 forints to buy a dollar. Considering that in 1945, it required 100 pengos to buy a dollar, and if we assume that after the total devaluation 1,000 pengos were equal to 100 forints, the value today of one dollar is equivalent to 2,000 pengos. In other words, the hyper inflation permitted Hungary to survive, permitted my family to survive. We would be today getting one dollar for 2,000 pengos after the war. Had we calculated the equation in gold, it would be equivalent to 20,000 pengos for one ounce of gold.

This is called hyper inflation. If we want to live in hyper inflation, we have to be ready to own physical possessions such as real estate, furniture, houses, motorcycles, clothing. Expect the values and the cost to skyrocket. Keep what you have outside the monetary system. When things are bad, the government always finds a scapegoat. Between 1946 and 1949, the communist government came into power. During that time and after 1949, the communists always talked about the rich, about the rich farmers, about the factory owners, about the owners of real estate. They were the enemy.

I wasn't a particularly stupid boy. I started to read the newspapers by the time I was eight. I read the afternoon paper - secretly - about Eichmann and Dr. Mengele. I couldn't intellectualize why was a rich landlord or farmer hurt me? Suppose Farmer A and Farmer B have five pigs, 100 chickens, and 5,000 eggs? Why were these people hurting us? It was beyond explanation.

Later on, as a teenager, we studied in high school about a man called Karl Marx. Karl Marx said that the life of working class people is horrible, intolerable because there was a capitalist who owned the factory. Now, it is not so difficult to visualize that if Mr. X owns a factory and works all day and night like the workers, he has all his assets working to create jobs and he is by no means the enemy of the people. The enemies of the people were the so-called party functionary communists who didn't do anything but sit at a desk, take plenty of vacations, had short working hours, and gave orders to find a system to take away the possessions of the factory owner or the farmer, or the monies of the people whose families who had saved assets in the previous two or three generations.

Life under communism, which was installed by Stalin, was very drab. By then everything was nationalized. The buildings, the factories, the farms, they were all taken over by the government. Since the ownership was not by an individual, the efficiency was hopeless, the working hours were short, and life was miserable. Nevertheless, the communist leaders were still saying that in 1951 life is miserable because in 1931 the capitalist beast, the factory owner, did something which is not suitable under communism.

That is when I started to put my thoughts together and presented the following arguments to myself. Number one, the money has no value. One or two thousand means nothing. The only money which survived in value was gold. That's what Uncle Arnold had. He had gold. As a result, we lived differently than most families. Two, the slogan that it is the capitalist, the exploiters, the millionaires and the billionaires has been invented no differently than Adolph Hitler invented the Jewish question.

Three, that in order to live better let's say live better on December 15, 2010 versus November 15, 2010, the only way for a society to live better is to function more efficiently, have people work more, get paid more and spend more. By no means in this equation, which is very simple, did I see the logic of taking away which is not ours, handing it over via a bureaucracy, because the bureaucracy is the least efficient form of society.

I had a personal example. During the summer in 1953-1954, I had to work because we didn't have enough money. How did we find employment for me? The son of the super, who had a big building of some 100 apartments, actually the illegitimate son of the super, was of course a Party member. Not only that but he was the managing principal of a major Hungarian company, Ganz, one of the largest in the country, which later on was bought by General Electric and still keeps under its name. The super's illegitimate son was the boss. When I was ushered into his presence, we sat in a big room. He had two secretaries. He gave me a good job. For two months I did nothing in the Ganz factory. I got a good weekly salary and the whole year was spent accordingly.

One thing I always learned. Try to figure out the literary sense of what's happening and not the political sense.

Now, let's jump to the 21st century. I have all my life studied gold, silver and recently rare elements. I know almost everybody in the world who deals with gold, and I'm proud to say that I have over my lifetime eight presidents and prime ministers with whom I had some business. Five of them came from Africa, which I visited frequently. I was a friend of Dr. Dietrich, the late president of South Africa, and whenever he came to New York I always accompanied him to the Republic National Bank, to the twelfth floor at the top of the building where Mr. Edmund Safra received him. Safra handled all the gold of the South African Republic.

I believed in silver. In 1980, I structured $60 million in silver-backed bonds for Sunshine Mining, a company at some stage owned by the Hunt brothers. I know almost all the individuals in silver, including Duane Nelson, the head of Silvermax. Currently, I made an investment with Ivanhoe, which was created by an old acquaintance of mine, Robert Friedland, and today in Mongolia he is the president of the largest gold and copper mine in the world. Most of my family assets are invested in gold-related papers, and of course we own physical gold in the family.

We are in 2010 in a very dangerous financial and economic crisis. We have debt. The United States owes $14.5 trillion. In 1945, the Hungarian government had no debt but nobody would lend them money. I sometimes wonder which is better. There are 8 million unemployed in the United States in 2010. In 1945, everybody was unemployed. When I hear those words from the government, "We are not going to favor the millionaires and the billionaires," President Obama not only should read Karl Marx but listen to the voice of the various Hungarian prime ministers who couldn't deliver a decent life to the people so they blamed people who had assets. All I know is that the Hungarian politicians failed, and in the United States maybe we do not have a chance.

However, let us now look at my circle. After all, like everybody else I have a family. I immigrated to the U.S. on January 16, 1964. When I took my oldest son Gregory, at the age of four, to the Fieldston-Ethical Culture School for admission, I paid $3,000. At that time it wasn't so easy to get into a prestigious private school, so I took Gregory alone and told the examiners stories of my ventures in the Belgian Congo, that I interviewed with President Thsombe. Three months later I met with Prime Minister Edward Heath on the Queen Elizabeth, who was interested in talking to me about the Congo. And there I met his girlfriend, Olivia deHavilland. I even danced with her.

When Gregory was born in January 1969, the hospital was paid $600. Five years later when Justin was born it was $5,000. Gregory works in a hedge fund, Hutchin-Hill. They manage a few hundred million dollars. I sometimes wonder how today a typical hardworking hedge fund operates unless they are heavily involved and knowledgeable of mining, commodities and very soon rare elements. I wish them well.

There is a grandson, seven years old, named Daniel, who goes to the Fieldston-Ethical Culture School. I understand the yearly tuition is $20,000. That amount divided by five is a sizeable increase between a son and a grandson. There is no way that an American president would be able to acquire assets of working people to pay for the tuition fee in a private school of a seven-year-old boy. It leads, therefore, if the parents don't have the savings and there is another child you have. It already is publicized that most college graduates from graduate school leave with a $200,000 debt. There is no American president, however great an orator he is, however forceful he is, who can convince Congress, convince the people that assets can be acquired from the general population to pay for the debt to parents for high school education, or pay for the debt of the graduating student. So by 2010, we have for the Racz family the $20,000 yearly tuition for first grade. By 2015, there will be two children and probably higher fees. Ten years later, there will be a $200,000 college debt for each child. It ends up, according to my calculation, to over a million dollars. This is the 21st century. Education can create for the Racz family our own Weimar Republic!

In 1945, my family started with very little. We had gold because Uncle Arnold had foresight. How many people today in America have the foresight to accumulate over twenty, thirty years nothing but gold so they can pay for college and high school education? Where are the millionaires and the billionaires?

In 1945, I had hopes. I had hopes because I heard when I was seven that there was an America where people were so rich that they threw out their shirts and bought a new one instead of cleaning the dirty one because that cost more. I remember where I stood in Uncle Arnold's home office when he mentioned that although we have difficulties, there is one man in the world named Churchill whom he trusted. The remark hit me. I asked who is Churchill? My Uncle Arnold said that he was now leader of the opposition. If so, I had courage and hope. If Churchill was only leader of the opposition, surely when he was prime minister life would be better.

This hope, however, may not be shared by my grandson Daniel.


Information contained herein is based on data obtained from recognized statistical services, issuers reports or communications or other sources believed to be reliable. However, such information has not been verified by us and we do not make any representation to its accuracy or completeness. Any statement non-factual in nature constitutes only current opinions which are subject to change. BERAL INC. or their officers, directors, analysts or employees may have positions in the securities or commodities referred to herein, and may as principal or agent buy and sell such securities or commodities. An employee, analyst, officer or a director of BERAL INC. may serve as a director for companies mentioned in this report. Neither the information nor any comment expressed shall constitute an offer to sell or a solicitation of an offer to buy any securities or commodities mentioned herein. There may be instances when fundamental, technical and competitive opinions may not be in concert. This firm may from time to time perform investment banking or other services for or which investment banking or other businesses from any company mentioned in this report.



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Andrew Racz. 300 East 54 Street, Suite 26C, New York, NY 10022
Phone: (212) 319-6949 Fax: (212) 753-1944. E-mail:

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